Binance and Ledger will launch a collaboration to make the exchange’s infrastructure more fluid, opening more pathways for Web3.
What is Ledger? And why is it collaborating with Binance?
Ledger is a company that has been producing hardware crypto wallets since 2014.
Famous for its security, Ledger’s hardware is designed to keep private keys offline. In 2022 alone, absurd numbers of hardware wallets were sold, nearly 5 million devices.
As far as the app is concerned, Ledger Live allows users to configure their devices and manage their personal digital assets. As of today, this feature is integrated with Binance.
Binance users also can purchase more than 80 cryptocurrencies in the Ledger app in just a few clicks.
Binance‘s goal is to increase the number of users buying crypto from their platform, in a more convenient, more accessible, and above all much safer way.
Thus, the idea is to bring together different sectors of Web3 with the aim of reaching as many people as possible and becoming the most user-friendly service provider in the blockchain ecosystem.
Next steps for the platform
Binance’s first step is recently available in the Desktop version of Ledger Live. Cryptocurrencies can now be purchased easily and efficiently. Ledger Live users also enjoy Binance’s low fees.
Jean-Francois Rochet, Vice President of Transaction and Services at Ledger (TSL), said:
“Binance and Ledger are truly global leaders in the digital-asset space, and it only makes sense to combine to provide our users the benefits of buying crypto from Binance within Ledger Live, offering Ledger’s uncompromising world-class security.”
But this is just the beginning. There will be many steps in this partnership between Binance and Ledger. Starting with the addition of support for Binance’s payment channels to the mobile version of Ledger Live, including the addition of payment methods.
In short, one more step forward for an even simpler and more secure future in the crypto world!
What is a hardware wallet?
When we speak of a hardware wallet, we are talking about devices created to securely store private keys. Their offline features make them more secure than desktop wallets and smartphones. It reduces any possibility of attack from third parties, which can not tamper with the device remotely.
However, hardware wallets are not entirely foolproof. A physical threat against a user could force him or her to unlock a wallet for the attacker, but there are other vectors as well. Qualified malicious parties might be able to exploit the device if they gain physical access to it.
But the limitations of these wallets certainly do not outweigh their qualities. This is also why Binance decided to partner with the industry leader.
As of today, Binance’s collaboration with Ledger begins, one more step into the future.
Will it be even easier to buy crypto in the future?